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IN RE THOMAS

Bankruptcy No. 98-14907SR.

231 B.R. 581 (1999)

In re Charles L. THOMAS, and Lisa N. Thomas, Debtors.

United States Bankruptcy Court, E.D. Pennsylvania, Philadelphia Division.

March 25, 1999.

Attorney(s) appearing for the Case

John R. Crayton, Crayton & Belknap, Bensalem, PA, for Debtors.

Ina S. Weiner, Internal Revenue Service, Philadelphia, PA.

Frederick L. Reigle, Chapter 13 Trustee, Reading, PA.

Daniel K. Astin, Office Of U.S. Trustee, Philadelphia, PA.

OPINION

STEPHEN RASLAVICH, Bankruptcy Judge.

INTRODUCTION

At issue in the present case is the value of a secured claim held by the Internal Revenue Service ("IRS") in the Debtors' stock in a closely held corporation. By using the income method of valuation, the IRS calculated the stock to be worth $56,000 and based on that figure asserts a secured claim in the amount of $55,521.90 in the Debtors' Chapter 13 bankruptcy proceeding. By contrast, the...

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